Blanket Mine Q4 & FY25 Production & FY26 Guidance

St Helier, January 14 2026 - Caledonia Mining Corporation Plc ("Caledonia" or "the Company") announces Blanket Mine ("Blanket") gold production for the quarter ("Q4 2025") and year ("FY 2025") ended December 31, 2025. All production numbers are expressed on a 100 per cent basis and are subject to final assays by the refiner. The Company also provides guidance for the year ending December 31, 2026 ("FY 2026") in respect of production, costs and capital expenditure for Caledonia and its group of companies (the "Group").

Q4 and FY2025 Highlights

• FY 2025 Blanket gold production of 76,213 ounces met increased guidance (75,500 - 79,500 ounces) and was nearly identical to the prior two years.
• Q4 2025 production was 17,367 ounces (fourth quarter of 2024 ("Q4 2024"): 19,841 ounces). Production in the second half of 2025 was adversely affected by lower tonnages from higher grade areas (which is being addressed) and interruptions in the electricity supply at the end of the quarter.
• Milling throughput remained robust, offsetting some grade pressure.

FY 2026 Guidance

Production:

• Blanket gold production guidance: 72,000 - 76,500 ounces[1].
• Quarterly production profile expected to be stronger in the second half of the year as higher-grade areas increasingly come on stream.

Cost Guidance:

• On-mine cash cost: US$1,500 to US$1,700 per ounce sold.
• All-in sustaining cost ("AISC"): US$2,100 to US$2,300 per ounce sold.
• Cost guidance for 2026 is higher than guidance for 2025 and actual costs incurred in the first nine months of 2025 due to:

o Inflationary pressures on consumables and labour.

o Higher operating costs across mining, milling, engineering, and administration

o Increased sustaining capital expenditure for infrastructure, equipment, and safety.

o Ongoing investment in business improvement, risk management, and operational reliability.

o Enhanced maintenance and planned equipment replacement.

Capital Expenditure:

• Projected capital expenditure in 2026 mainly relates to sustaining capital at Blanket and the planned commencement of the Bilboes development project.
• Total Group capital expenditure is projected to be US$162.5 million, comprising:

o Sustaining Capital (US$26.6 million: Group, US$26.1 million: Blanket):

§ Underground mine development: US$7.7 million

§ Engineering (equipment, power, water/sewerage): US$4.0 million

§ Business improvement initiatives: US$3.0 million

§ Milling/processing upgrades: US$2.3 million

§ Risk management: US$2.3 million

§ Special project (mine housing development): US$2.0 million

§ Mineral resource management (exploration, drilling): US$1.9 million

§ Other projects (in various departments): US$3.4 million

o Growth Capital (US$135.9 million: Group):

§ Bilboes development project: US$132 million (subject to Caledonia board approval and funding)

§ Motapa exploration: US$3.8 million

The capital expenditure plan continues to prioritise operational reliability, safety, and long-term value, with significant allocations for both sustaining and growth projects, ensuring Blanket remains well-positioned for consistent production and future growth.

Funding initiatives in respect of the capital requirements for the Bilboes project are well progressed.

Sustaining capital expenditure may increase by approximately $11 million to implement a long- term solution to the recurring power interruptions and poor power quality which Blanket has experienced over several years. These factors have resulted in interruptions to production and elevated operating costs due to the requirement to use stand-by diesel generators to supplement shortfalls in power provided by the grid and the existing solar facility. This further capital expenditure is subject to finalisation of technical studies and financial evaluations and will be subject to approval by Caledonia's board.

Cost guidance for FY 2026 reflects higher direct operating costs at Blanket compared with the first nine months of 2025, primarily due to inflation and increased costs in the following departments:

• mining, where higher headcount and increased underground development have raised costs;
• milling and processing department, which faces higher consumable prices and additional maintenance; and
• engineering department, which is investing in equipment upgrades and infrastructure reliability.

General and administrative expenses have increased, driven by inflation related salary adjustments and rising compliance requirements. At the same time, the Group continues to invest strategically in mineral resource management, safety initiatives, and risk management programs to support ongoing exploration, enhance operational safety, and strengthen long-term mine planning. The capital expenditure plan continues to prioritise operational reliability, safety, and long-term value, with significant allocations for both sustaining and growth projects, ensuring Blanket remains well-positioned for consistent production and future growth.

Mark Learmonth, Chief Executive Officer, said:

"We are pleased to report that Blanket has once again delivered production in line with guidance, demonstrating the resilience and operational excellence of our team. The FY 2026 production guidance of 72,000 - 76,500 ounces reflects the increased consistency we are focussed on from Blanket.

Our FY 2026 budget reflects our commitment to sustained investment in both our core operations and future growth. The planned capital expenditure will support ongoing production at Blanket and advance the development of the Bilboes project and exploration at Motapa where we see long term, value enhancing synergies with Bilboes. We remain focused on investing in safety and delivering long-term value for all our stakeholders."